Huge potential for South Korean investors in pharma, ICT sector

South Korean Ambassador to Bangladesh Lee Jang-Keun has said there is a huge potential for South Korean investors in pharmaceutical and ICT sector in Bangladesh.

He said this at a meeting with Dhaka Chamber of Commerce & Industry President Rizwan Rahman at DCCI on Thursday.

In the meeting, Rizwan Rahman said there is a steady increase in bilateral trade between the two countries, which currently stands at approximately $1.6 billion. Of the total bilateral trade, Bangladesh’s export to Korea recorded only $398.66 million in FY2020-21. Cumulative stock of FDI from South Korea to Bangladesh reached $1030.67 million, said a press release.

He also invited Korean investors to invest in leather & footwear, shipbuilding, pharmaceuticals, backward linkage of RMG, automotive and infrastructure, agro processing, power and electronics sectors.

Rizwan Rahman also requested the envoy to relocate Korean sunset industries to Bangladesh.

He said DCCI and South Korean Embassy can work together for improving business climate for signing a bilateral FTA.

In his speech, Ambassador Lee Jang-Keun said that the trade relation between Bangladesh and Korea is very close. South Korea is the 5th largest source of FDI for Bangladesh and most of investments are from the manufacturing sector. Ninety-three of Bangladeshi products get duty and quota free market access in South Korea.

The envoy said after the LDC graduation, Bangladesh may take an initiative of signing an FTA with South Korea. However, there is a huge potential for South Korean investors in pharmaceutical and ICT sector in Bangladesh.